If the economy goes into a recession and incomes fall, what happens in markets? Question 2 options: Prices of normal goods go up because the demand for them increases Prices of all goods go down None of the other answers is correct Prices of inferior goods go up because the demand for them increases

If the economy goes into a recession and incomes fall, what happens in markets? Question 2 options: Prices of normal goods go up because the demand for them increases Prices of all goods go down None of the other answers is correct Prices of inferior goods go up because the demand for them increases

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 3SQP

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Similar questions

If the government passes a law that says that a person must be 25 years or older to purchase cigarettes then which of the following occurs in the market for cigarettes? Question 30 options: a) supply increases b) demand decreases c) demand increases d) supply decreases
The questions in parenthesis are the answer choices. Only 1 can be selected. In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the (demand for ,supply of, supply of and demand for) smartphones increase(s), causing the equilibrium price to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged) b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the (supply of and demand for, demand for, supply of) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged) .
Question 2 If a movie theater ticket is a normal good, what do you suppose would happen to price and quantity during an economic recession? Question 2 options: (highlight correct answer) Price and quantity would both increase Price would increase and quantity decrease Price and quantity would both decrease Price would decrease and quantity increase
What effect over the last decade, has the increasingly efficient and inexpensive technology of online college courses had on the college textbook market? Question 48 options: a) The demand for physical textbooks have steadily decreased, and as a result more publishing companies are having less demand for high skilled textbook editor jobs. b) The demand for textbooks has declined resulting in publishing companies increasing their demand of textbook editor jobs. c) The demand for textbook has increased as well as the supply. d) The supply for college textbooks has increased as a result there are fewer textbook publishing companies.
Question 54 If there is a scientific discovery that eating peanuts cures cancer then which of the following occurs in the market for peanuts? Question 54 options: a) supply decreases b) demand decreases c) supply increases d) demand increases
What are the two main reasons why prices of goods increase? Group of answer choices answer 1. Decreased demand (left shift) and increased supply (right shift) answer 2. Decreased demand (left shift) and decreased supply (left shift) answer 3. Increased demand (right shift) and increased supply (right shift) answer 4. Increased demand (right shift) and decreased supply (left shift)
Regarding a supply and demand model, what would happen to the equilibrium price and quantity if the demand increased? Question 22 options: Price would decrease and quantity would increase. Price and quantity would increase. Price and quantity would decrease. Price would increase and quantity would decrease.
If suppliers of tablet computers expect the price of their product to fall in the future, what will they do? Question 17 options: increase supply now and decrease it in the future increase supply in the future, but not now decrease supply now increase supply now
Question 25 When the expected future price of a good rises, consumers decrease their willingness to buy, or "draw down." consumers increase their willingness to buy, or "stock up." sellers increase their willingness to sell. sellers' willingness to sell remains unchanged.
Q30 The theory of consumer choice underlies the concept of the supply of a particular good. can be applied to many questions about household decisions, but it cannot be applied to questions concerning wages and labor supply. underlies the concept of the demand for a particular good. ignores, for the sake of simplicity, the trade-offs that consumers face.
Consider the market for lattes. If scientists discover that steamed milk, which is used to make lattes, prevents heart attacks, what would happen to the equilibrium price and quantity of lattes? Group of answer choices Both the equilibrium price and quantity would increase. Both the equilibrium price and quantity would decrease. The equilibrium price would increase, and the equilibrium quantity would decrease. The equilibrium price would decrease, and the equilibrium quantity would increase.
Question 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth

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	Prices of normal goods go up because the demand for them increases
	Prices of all goods go down
	None of the other answers is correct
	Prices of inferior goods go up because the demand for them increases